As mortgage rates have continued to rise over the last couple of years, many people are turning to temporary buydowns to make homeownership more accessible and affordable in the early years. A temporary buydown is when upfront funds are deposited into an escrow account to temporarily reduce the interest rate and monthly mortgage payment for a specific time period. This lower rate reduces your monthly payment and reduces the interest you’ll pay over time. Temporary rate buydowns are also … [Read more...] about Using Temporary Buydowns to Offset Higher Interest Rates for Mortgages
Greg Riordan
What Makes Up an Interest Rate?
When you purchase a home utilizing a mortgage, you won’t just be paying back the principal amount (the amount you borrowed) – you’ll be paying interest as well. There are several factors that determine how much you’ll pay in mortgage interest, which include the type, size and duration of your loan. Your down payment contribution will also be taken into consideration. Mortgage lenders typically finance 80% or more of the home’s price. You agree to pay this amount back with interest. There are … [Read more...] about What Makes Up an Interest Rate?
How Does Your Credit Score Add Up?
Not too long ago, credit scores were something many people did not pay too much attention to. Presently, people are increasingly invested in their credit score and finding ways for it to be the best it can be. You’ve probably asked yourself, what is a credit score communicating? A credit score tells lenders and credit card issuers how likely you are to pay back your loan on time. FICO credit reports rank on a scale of 300-850, with 300 being extremely poor and 850 being the absolute best. Your … [Read more...] about How Does Your Credit Score Add Up?
How to Buy Your Dream Home
Looking to buy a house? You know it’s a long process, but if you are not sure where to start, here’s the 411! It all starts will getting pre-qualified so you know what you can afford; then you will want to discuss mortgage options with your mortgage professional. For a pre-approval application, you need to make sure to include the most accurate information you can to the lender. You’ll also need to provide documentation, which often includes things like paystubs, tax returns and a verification … [Read more...] about How to Buy Your Dream Home